How a Car Insurance Quote Index Works

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The car insurance quote index operates by taking a number of different pieces of information into consideration. Find out how the car insurance quote index works with help from an independent insurance agent and small business owner in this free video clip.

Part of the Video Series: Auto Insurance
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Video Transcript

This is Melissa Morley with All Seasons Insurance, and today we're going to talk about what an insurance index, or insurance score is. That's an important thing to know if you're going to be going for a quote. In the good old days, back 20, 30 years ago, insurance was rated on what is your car, what is your age, and what is your driving history. Nowadays companies spend a lot of money to come up with a computerized algorithm that can take as many as hundreds of thousands of different factors. You can have the exact same house, exact same car, exact same number of kids as your neighbor, and come up with completely different insurance. The big wing factors are your credit, how good is your credit? That makes a huge difference on most insurance companies. Secondly, what are you driving? Thirdly, what is your driving record? It's a good idea to have an abstract run through your department of motor vehicles if you want to go get a quote. And there really is no easy answer for this. If you're thinking of buying a new car, contact your insurance company, have a VIN number, and know that what you will be quoted may be different then everybody else getting quoted. This is Melissa Morely, and we've talked about the interesting subject of what is an insurance score.

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